Business Succession Planning
For most business owners, the value of their business may be the most significant source of income and represent the largest portions of their net worth. Unfortunately, families often underestimate the impact of federal estate taxes and the toll they take on the family business, and many end up selling their business in order to pay estate taxes. According to the Small Business Administration, fewer than one third of family businesses survive the transition from first to second generation ownership, and of those that do, half don’t survive the transition from second to third generation ownership. In most cases, lack of an intelligent business succession plan is the reason.
Schanker and Hochberg P.C.
When necessary, we will collaborate with other professionals, such as valuation experts and compensation specialists, to ensure that yours is the most prudent and effective business succession plan.
Located in Long Island, New York City, New Jersey